Vista La Jolla Corporate
For Sale
Contact for pricing
4747 Morena Blvd, San Diego, CA 92109
Three-story office building in Morena submarket, San Diego.
Property Size40,283 SF
Lot Size2.05 Acres
Price / SF$254.45
Days on Market1022
Property Features for 4747 Morena Blvd
General Information
Standard status
Active
Size
40,283 SF
Class
B
Lot size
2.05 Acres
Property subtype
Office
Zoning
IP-2-1
Investment Type
Owner/User
Building Details
Year Built
1985
Stories
3
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - San Diego, California
(619) 308-6787
Listed By:
Connor Wieck · License #02007940
Source:
Crexi
Added: Nov 1, 2023
Changed: Aug 8
Last Checked: Aug 16 at 10:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield - San Diego, California
Investment Insights
Based on property information with market context.
Vista La Jolla Corporate Center is a three-story office building encompassing 40,283 square feet, situated on 2.05 acres. Constructed in 1985, the building features suites with operable windows. The property offers flexible floor plans and a parking ratio of approximately 3.4 spaces per 1,000 square feet. The building is suitable for an owner-user, with occupancy options ranging from 2,500 square feet to 20,000 square feet. Located in the Morena submarket, the property is near Clairemont, Pacific Beach, La Jolla, University City, and Bay Park. It is also in close proximity to the new Balboa Avenue Trolley Station, which connects to University Town Center. The property is currently 76% leased, providing occupancy options while maintaining cash flow. Existing leases have short-term rollover and relocation clauses.
Key Highlights
- Flexible occupancy: Suited for owner‑users, with ability to occupy from 2,500 SF to 20,000 SF.
- Strategic location: Centrally located near Clairemont, Pacific Beach, La Jolla, University City and Bay Park.
- Proximity to public transit: Close to the new Balboa Avenue Trolley Station connecting to University Town Center.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$777,663
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,553,260
$15.6M
Cap Rate 7%
$11,109,471
$11.1M
Cap Rate 9%
$8,640,700
$8.6M
Market Conditions
NOI Build-Up for 40,283 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.21M $30.00/SF
− Vacancy
−$171.6K −$4.26/SF
EGI
$1.04M $25.74/SF
− OpEx
−$259.2K −$6.44/SF
NOI
$777.7K $19.31/SF
Area
San Diego, CA
Vacancy
14.20%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$15,553,260
Cap Rate 7%
$11,109,471
Cap Rate 9%
$8,640,700
Alternative Uses
Best Use
Office B
$11.11M
$9.72M – $12.96M
NOI $777,663 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.91M
$13.92M – $18.56M
NOI $1,113,744 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
909
Businesses Nearby
Explore this area
Business Placement
Demographics for 92109, CA
44,671
Population
26,503
Households
1.7
Avg Household Size
35
Median Age
70%
College-Educated
97%
High-School Grad
7.6 sq mi
ZIP Area
5,878
Density / Sq Mi
$118,300
Median Household Income
$71,054
Median Earnings
$2,362
Median Rent
$1,136,000
Median Home Value
Market
Vacancy Rate% for Office in San Diego, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building in Morena submarket, San Diego.
Where is this office building located?
The property is located at 4747 Morena Blvd San Diego, CA.
What is the asking price?
The asking price for this property is $10,250,000.
What are key features of this property?
This property features: Flexible occupancy: Suited for owner‑users, with ability to occupy from 2,500 SF to 20,000 SF.; Strategic location: Centrally located near Clairemont, Pacific Beach, La Jolla, University City and Bay Park.; Proximity to public transit: Close to the new Balboa Avenue Trolley Station connecting to University Town Center.
